A potential upside runner, page-153

I wouldn't get too hung up about any notional placement cap of $4.1M, which was only ever stated as "estimated". You'll see, below, that we've already blown past that number. This is in no way intended to be flippant about the ongoing overheads that this non-producer has. That's a whole different discussion.

For the sake of transparency of analysis, there are 6 x 3Bs that are relevant (i.e. placements to Pershing) from Oct, 2015 to present, detailed as follows:
13/10/15: 14,300,000 shares issued @ 5.25¢ = $750,750 gross proceeds.
11/01/16: 16,200,000 shares issued @ 4.63¢ = $750,060 gross proceeds.
06/04/16: 20,000,000 shares issued @ 5.28¢ = $1,056,000 gross proceeds.
14/06/16: 15,000,000 shares issued @ 7.66¢ = $1,149,000 gross proceeds.
13/07/16: 10,000,000 shares issued @ 6.39¢ = $639,000 gross proceeds.
09/08/16: 15,000,000 shares issued @ 6.36¢ = $954,000 gross proceeds.

Total gross proceeds of placements to Pershing from Oct, 2015 to present = $5,298,810.

Note the step-up from ~$750k raised to ~$1.1M in the April raising. This reflects a change in how interest payments for the CN are made. Previously, they were made in specie through issuance of shares directly to Jefferies. But from April onward we pay cash. As a consequence of this the raisings with Pershing increased by the amount of the interest due ~AU$300k per quarter (i.e. ~AU$1.2M p.a.). Shares are still issued, but now they are through Pershing and Jefferies gets the resultant cash.

At this point in time, the most recent raisings disclosed in the 3Bs of July and August look to be out-of-cycle -- particularly the July raising. The gross proceeds of the Aug raising aren't too dissimilar to that which would 'normally' (twitch, twitch) be due around now, so it's possible they went early for this quarter. Time will tell.